Another blank check company, Asia Automotive Security Acquisition Corp., has filed an S-1. The deal is being underwritten by Rodman & Renshaw LLC. The company is going to focus its acquisition efforts on acquiring an operating company in the Asian automotive component industry.
Asia Automotive Acquisition Corp. – STILL IN REGISTRATION
Number of units being offered: 4,000,000
Proposed price per unit: $8.00
Terms of deal: One share of common stock and a warrant to purchase one share of common stock at $5.00 per share.
Underwriters: Rodman & Renshaw LLC
Proposed ticker symbols
Common stock: Not known
Warrants: Not known
Units: Not known
Common shares to be outstanding subsequent to IPO: 5,000,000
Shares to be held by public shareholders: 4,000,000
Shares held by insiders: 1,000,000
Percentage held by public shareholders: 80.0%
Gross proceeds being raised: $32,000,000
Net proceeds to be held in escrow: $28,200,000
Escrowed proceeds per share applicable to future public shareholders: $7.05
Date of IPO: N/A
Date of original filing: August 22, 2005
Current stock price
Common stock: N/A
Warrants: N/A
Units: N/A
Insider shares: 1,000,000 shares purchased at $.025 per share. Total proceeds: $25,000.
Restrictions on insider shares: The shares will remain in escrow until the earlier of three years, the liquidation of the company, or the consummation of an acquisition.
Other insider requirements: Two of the principals have agreed to purchase up to 320,000 warrants at a price not to exceed $1.20 per warrant within 45 days from the date that the warrants begin trading independently of the units.
Description of business: We are a Delaware blank check company incorporated on June 20, 2005 in order to serve as a vehicle for the acquisition of an operating business. Our objective is to acquire an operating business within the global automotive component industry that has its primary operating facilities located in our target regions of China, India or ASEAN.
Biographical information for significant officers: William R. Herren has served as chairman of the board since our inception. From July 2002 to January 2004 Mr. Herren provided advisory assistance leading to the co-founding of Asia Development Capital LLC. From July 1999 to June 2002, he was executive director of marketing, sales, planning and M&A activities for Delphi Energy and Chassis Systems. From 1996 to 1999, in addition to his responsibility as executive director, Mr. Herren also managed Delphi's Converter business unit. From 1993 to 1996 he served as executive director of Delphi Saginaw's marketing, sales, planning and M&A. From 1986 through 1993 he directed several Saginaw business units including final drive, engine drive and steering systems. From 1968 through 1986 Mr. Herren held a variety of assignments with General Motors including assignments at Chevrolet, General Motors Assembly Division and GM corporate finance staff. Mr. Herren earned a Bachelors Degree in Finance and an M.B.A. form Georgia State University.
Rudy Wilson has served as our chief executive officer and a member of our board of directors since our inception. In January 2004, Mr. Wilson co-founded Asia Development Capital LLC. From January 1997 to December 2003, he was responsible for various foreign funded investments in Asia for several Delphi Energy and Chassis Systems business lines. Mr. Wilson was assigned to Beijing, China from May 1993 through 1997 directing the development of Delphi Saginaw's initial investment projects in China, India and ASEAN. During the assignment in China he served on the board of directors of Delphi Lingyun Driveshaft, Delphi Xiaoshan Steering and Delphi Malaysia. From 1976 through 1993 Mr. Wilson held a variety of assignments with General Motors component operations and advanced manufacturing engineering staff. Mr. Wilson received his Bachelor's Degree in Chemical Engineering and an M.B.A. from the University of Detroit.
SEC filings: sec.gov |
